Stockwinners Market Radar for October 04, 2019 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:04 EDT Neurocrine discloses results of Ingrezza study in tardive dyskinesia patients - Neurocrine Biosciences announced data from pooled analyses demonstrating the long-term benefit of the once-daily 40 mg dose of INGREZZA, or valbenazine, capsules in reducing abnormal movements in adults with tardive dyskinesia, or TD. The analyses of pooled data from multiple long-term studies of the 40 mg dose showed that 53.7% of patients taking 40 mg of INGREZZA achieved an Abnormal Involuntary Movement Scale response after 48 weeks of treatment. Additionally, an analysis of the pivotal Phase III KINECT 3 data demonstrated that 50% of patients achieved an early response after two weeks of INGREZZA treatment with 40 mg or 80 mg. Data also showed that meaningful long-term reductions in TD were achieved regardless of whether patients responded after two weeks. These long-term INGREZZA data were presented today at the 2019 Annual Psych Congress in San Diego.

17:51 EDT UAW says bargaining committee with Fiat Chrysler meeting daily - The United Auto Workers union said that the bargaining committee with Fiat Chrysler (FCAU) continues to meet daily with the company in subcommittees. Some of the committees are close to completing to the point where the only issues left are economic or patterned that will be resolved once the UAW-GM (GM) negotiations are settled. "Our current goal is to have all your non-economic and non-institutional demands resolved before our turn to settle comes," the union said. "Negotiating agreements as large and complex as ours takes time and the process has many ups and downs. While the UAW Negotiating Team at GM is leading the bargaining, I would like to commend your elected UAW-FCA National Negotiators for their focus and hard work negotiating your demands." Reference Link

17:06 EDT Aeterna Zentaris appoints Klaus Paulini as CEO, replaces Michael Ward - Aeterna Zentaris announced the appointment of Klaus Paulini as president and CEO of the company, effective immediately, replacing Michael Ward. Paulini will also serve as a director of the company. Paulini will continue to be based in Frankfurt, Germany, and his appointment as president and CEO aligns with the company's refocus on its operations in Germany. The company's registered office will remain in Toronto, Ontario, Canada. Paulini began his career in the pharmaceutical industry at ASTA Medica in 1997. He had an active role in the spinoff and formation of Aeterna Zentaris from ASTA Medica. Paulini has managed many of the company's clinical development projects including research and development of Macrilen.

16:18 EDT Wax Asset Management discloses 9.5% stake in Gulf Island Fabrication - Wax Asset Management disclosed a 9.5% stake in Gulf Island Fabrication, which represents over 1.45M shares. The filing does allow for activism. The filing states that the "Reporting Persons purchased the shares based on the belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity."

16:04 EDT SkyWest reports September block hours up 6.3% from last year - SkyWest reported SkyWest Airlines operating statistics for the month of September 2019. SkyWest Airlines reported 116.6K block hours in September 2019, an increase of 6.3% from September 2018. SkyWest Airlines also reported September Departures up 6.3% at 68.5K, Passengers up 7.3% at 3.51M, and Load Factor up 0.7pts at 81.6%.

14:36 EDT Fox Corp. announces long-term renewal agreement with Cox Communications - Fox Corporation (FOXA, FOX) and Cox Communications announced a long-term renewal of their distribution agreement for FOX's portfolio of channels, including retransmission consent for the FOX Television Stations. The renewal covers distribution of the FOX Television Stations, FOX News Channel, FOX Business Network, FS1, FS2, BTN, and FOX Deportes. Michael Biard, President of Operations and Distribution for FOX commented: "This renewal extends the productive partnership we've long had with Cox and ensures that millions of our viewers across the country will continue to enjoy FOX's leading sports, entertainment and news programming for years to come."

13:16 EDT TD Ameritrade

13:12 EDT Go Global Retail to acquire specialty retailer ModCloth - Go Global Retail announced plans to acquire the assets of ModCloth, a digitally native retailer of unique women's fashion and accessories. Under Go Global, ModCloth will continue to operate out of its current operational set up. Walmart acquired the assets and operations of ModCloth in March 2017 for an undisclosed amount. The Go Global deal is expected to close later this year.

12:57 EDT SmileDirectClub denies allegations made in class action lawsuit

12:50 EDT Osram takeover offer by ams did not meet minimum acceptance threshold - ams announces that the minimum acceptance threshold of 62.5% required in conjunction with the all-cash takeover offer for Osram was not achieved. The final acceptances level was 51.6%. As a result of purchases prior to the expiry of the ams offer, ams is currently the largest shareholder in Osram with a direct shareholding of 19.99%. ams will not exceed this current direct shareholding of 19.99% before having obtained required merger control and other regulatory clearances, the company. It said, "ams continues to view the combination of ams and Osram as strategically compelling given that it would enable the creation of a global leader in sensor solutions and photonics. To this effect and supported by ams shareholders, ams continues to explore strategic options to pursue the acquisition of Osram, on the basis of its shareholding position, as this will translate into a stronger combined company."

12:33 EDT Tutor Perini says Tutor-Saliba 'prevails' in Westgate Planet Hollywood case - Tutor Perini announced that its subsidiary, Tutor-Saliba, has received a favorable decision by the Nevada Supreme Court in the Westgate Planet Hollywood Las Vegas case. The Nevada Supreme Court affirmed in the company's favor, with only minor adjustments, the trial court's previous rulings awarding certain attorney's fees and interest to the company that had been appealed by Westgate. As a result of this ruling, the company will retain amounts previously awarded and paid by Westgate, and can now apply to the trial court for a further award of approximately $4M. Previously, the company disclosed that it received a favorable ruling by the Nevada Supreme Court, had already collected more than $16M in 2017 for related issues in this matter and would continue to seek the remaining interest and fees.

12:20 EDT DBV jumps after FDA accepts peanut allergy patch application - Shares of DBV Technologies (DBVT) are moving higher after the company announced midday that the Food and Drug Administration accepted for review the Biologics License Application for its investigational Viaskin Peanut immunotherapy for the treatment of peanut-allergic children ages four to 11 years. An epicutaneous patch, Viaskin Peanut seeks to deliver microgram quantities of peanut antigen to activate the immune system. The target action date provided by the FDA is August 5, 2020. The FDA has communicated that it is currently planning to hold an advisory committee meeting to discuss the Viaskin Peanut application. DBV shares are up 12% to $9.73 in midday trading. Aimmune Therapeutics (AIMT), which is also development a treatment for peanut allergy, are down 4% to $22.64.

12:15 EDT DBV Technologies trading resumes

12:00 EDT HP Inc. falls -9.6% - HP Inc. is down -9.6%, or -$1.77 to $16.64.

12:00 EDT CooTek rises 8.7% - CooTek is up 8.7%, or 46c to $5.71.

12:00 EDT Avaya rises 25.0% - Avaya is up 25.0%, or $2.53 to $12.65.

11:47 EDT DBV Technologies announces FDA acceptance of BLA filing for Viaskin Peanut - DBV Technologies announced that the U.S. Food and Drug Administration has accepted for review the Biologics License Application for its investigational Viaskin Peanut immunotherapy for the treatment of peanut-allergic children ages 4 to 11 years. The FDA's acceptance of the Viaskin Peanut BLA submitted on August 6, 2019 follows the December 2018 withdrawal of the company's previously submitted BLA. "The acceptance of the Viaskin Peanut BLA is a meaningful step forward for peanut-allergic patients and their families. We commend the tireless efforts of the DBV team, the investigators and the more than 1,000 patients living with peanut allergies who participated in our clinical trials and made this milestone possible. We know children and their families are seeking a safe and effective treatment that may fit into their daily lives. We look forward to continuing to work with the FDA to potentially bring Viaskin Peanut to patients in the second half of 2020," stated Daniel Tasse, CEO of DBV Technologies. The target action date provided by the FDA is August 5, 2020. The FDA has communicated that it is currently planning to hold an advisory committee meeting to discuss the Viaskin Peanut application. Viaskin Peanut received Breakthrough and Fast Track Designation from the FDA in 2015 and 2012, respectively.

11:34 EDT Ally Financial online brokerage eliminating commissions on U.S. stocks, ETFs - Ally Invest, the online brokerage and wealth management arm of Ally Financial (ALLY) announced "it is joining the online trading movement that is eliminating commissions on U.S. exchange-listed stock, ETF, and option trades." The firm's per trade price of $4.95 is now moving to $0, effective October 9. Clients trading options pay a contract fee of $0.50, the company stated. In recent days, TD Ameritrade (AMTD), E-Trade Financial (ETFC) and Charles Schwab (SCHW) have all announced plans to reduce certain online trading commission rates to zero.

10:47 EDT Sibanye Gold commences restructuring process with new holding company - Sibanye Gold Limited announced that it is commencing an internal restructuring process, creating a new holding company and listings for the group. In order to effect the internal restructuring, which is expected to create a more efficient group structure, the board of directors of SGL has received an offer from Sibanye-Stillwater (SBGL), a wholly owned subsidiary of SGL, to acquire the entire issued share capital of SGL, held by shareholders of SGL on the record date of the scheme. SGL and Sibanye-Stillwater have entered into an agreement in relation to the scheme. The scheme is being proposed to create a more efficient corporate structure and to facilitate the group's growth strategy by reorganizing its existing operations. Reference Link

10:27 EDT Texas Instruments to end distribution relationship with Avnet - In a regulatory filing earlier, Avnet (AVT) disclosed that on October 1, Texas Instruments (TXN) notified the company that, due to the evolution of TI's strategy, TI plans to end its distribution relationship with the company by December 31, 2020. "TI products accounted for approximately 10% of the company's sales during fiscal 2019. The company will continue to pursue opportunities to support its current and future customers, reduce operating costs, and further strengthen its current and future supplier partnerships," Avnet said in the filing. In morning trading, Avnet shares are down 12% to $38.64.

10:00 EDT Myers Industries falls -6.0% - Myers Industries is down -6.0%, or -$1.03 to $16.21.

10:00 EDT HP Inc. falls -9.2% - HP Inc. is down -9.2%, or -$1.70 to $16.70.

10:00 EDT Avaya rises 23.1% - Avaya is up 23.1%, or $2.34 to $12.46.

09:30 EDT Ferroglobe completes asset sales, appoints Ollivier COO, cost reduction moves - Ferroglobe announced the following corporate developments. On September 28, Ferroglobe closed on the sale of its subsidiary Ultracore Polska ZOO, which manufactures cored wire in Poland, to an affiliate of Cedie for $3.5M. Additionally, the company's subsidiary Silicon Smelters has completed the sale of its remaining timberlands in South Africa to Mphome Agric, for net proceeds of ZAR 130M or $8.58M. This transaction was finalized, and the proceeds received, on October 4. Ferroglobe is pleased to announce the appointment of Benoist Ollivier, PhD as COO and Deputy CEO, effective October 1. Dr. Ollivier will work closely with division managers to set operational strategy and oversee its execution. Given the current market environment, Ferroglobe is making further adjustments to its global production platform. In addition to previously announced production curtailments, the company is taking steps to extend or bring forward planned outages over the fourth quarter at several facilities in an effort to streamline operations, adapt production to reduced demand, and release working capital. The following is a summary of these initiatives. Pedro Larrea, Ferroglobe's CEO, commented, "Today's announcements reinforce management's focus on adapting to the evolving market and taking actions aimed at enhancing and optimizing our production footprint and overall competitiveness, with a strong emphasis on generating cash. As we look ahead, we will continue to monitor supply and demand dynamics across our product portfolio and take further actions as required to ensure a return to profitability and effective management of working capital." Mr. Larrea added, "Implementation of such a plan requires global coordination and swift action across various functions. The appointment of Benoist as COO and Deputy CEO not only helps ensure the successful execution of current initiatives but sets the foundation for greater oversight of our global platform. Benoist has significant experience in and deep knowledge of our business and has been an integral part of the organization since the creation of Ferroglobe. I have every confidence that he will leverage his knowledge and relationships very effectively."

09:10 EDT Paylocity partners with EvoShare to automate savings account contributions - EvoShare and Paylocity have partnered to fully automate the process of funding additional savings account contributions with cash-back from employees' everyday spending. EvoShare's proprietary system enables employees to contribute to a financial savings account like a 401k, 529 College Savings Plan or HSA, while shopping online and locally at stores, bars, and restaurants, receiving up to 30% cash-back towards their retirement plan, savings account, or student loan repayment. The offering includes full-service payroll functionality and a wide range of HR functionality, including talent management, time and labor management, benefits administration and third-party administration for benefits.

09:07 EDT Fly Intel: Pre-market Movers - HIGHER: Apple (AAPL), up 2% after Nikkei, citing sources, reported that the company has informed its component suppliers to gear up production for its latest iPhone 11 range by up to 10%, or 8 million units... Avya (AVYA), up 16%, and RingCentral (RNG), up 8%, after the companies announced a commercial agreement that will make RingCentral the exclusive provider of unified communications as a service solutions to Avaya. RingCentral will pay Avaya an advance of $375M, predominantly for future commissions, as well as certain licensing rights... Hess Midstream (HESM), up 7.5% after announcing the execution of a definitive agreement to acquire Hess Infrastructure Partners LP, or HIP, including HIP's outstanding economic general partner interest and incentive distribution rights, or IDRs, in HESM. In addition, HESM's organizational structure will be converted into an "Up-C" structure in which IDR payments to sponsors are eliminated... Snap (SNAP), up 3% after Morgan Stanley analyst Brian Nowak upgraded the stock to Equal Weight from Underweight with a price target of $17, up from $14... Sarepta Therapeutics (SRPT), up 6% after announcing the nine-month functional results from three Limb-girdle muscular dystrophy Type 2E ,LGMD2E, clinical trial participants who received SRP-9003... Grocery Outlet (GO), up 1.5% after reporting preliminary Q3 results and its 13M share secondary offering priced at $33.75 per share. DOWN AFTER EARNINGS: Smart Global (SGH), down 3%... Costco (COST), down 1%. ALSO LOWER: HP Inc. (HPQ), down 7% after announcing plans for 7,000-8,000 job cuts as part of a restructuring and issuing FY20 guidance... Ovid Therapeutics (OVID), down 20% after its 9M share spot secondary priced at $2.50 per share... Heron Therapeutics (HRTX), down 6% after its 8.57M share spot secondary priced at $17.50 per share.

09:02 EDT Box sees FY23 revenue growth of 12%-18% - In its Analyst Day presentation yesterday, Box targets FY23 revenue growth of 12%-18% and revenue growth+free cash flow margin at over 35%. Targets FY23 gross margin around 75^ and operating margin around 15%-20%. Sees FY21 net retention rate over 106%, growth in deals over $100K at 30% and productivity increase of 15%. Reference Link

08:44 EDT Paylocity, EvoShare team to automate cash-back savings offering for employers - EvoShare, and Paylocity have partnered to fully automate the process of funding additional savings account contributions with cash-back from employees' everyday spending, with unprecedented ease-of-use and scalability for HR and Payroll teams. EvoShare's proprietary system enables employees to contribute to a financial savings account like a 401(k), 529 College Savings Plan or HSA, while shopping online and locally at stores, bars, and restaurants, receiving up to 30% cash-back towards their retirement plan, savings account, or student loan repayment.

08:40 EDT Conformis announces departure of Paul Weiner, CFO - Conformis announced that Paul Weiner, CFO, has notified the company that he will be departing the company on October 18 to become the CFO at a privately-owned business in Fremont, CA. As a result, the company's Board of Directors has begun a search to appoint a successor to Mr. Weiner, with a further announcement to be made in due course. Mr. Weiner has agreed to work with Conformis as an advisor to help achieve a smooth transition. Mark Augusti, CEO, said: "Paul has been our CFO since 2014 and was instrumental in taking Conformis public. He has been a valued member of the management team and has made a huge contribution to the success of the business. On behalf of the Company and the Board, I would like to thank him for his work and contributions over many years

08:38 EDT Sarepta announces results from gene therapy trial for beta-sarcoglycanopathy - Sarepta Therapeuticsannounced the nine-month functional results from three Limb-girdle muscular dystrophy Type 2E ,LGMD2E, clinical trial participants who received SRP-9003. SRP-9003 is an investigational gene therapy intended to transduce skeletal and cardiac muscle with a gene that codes for the full-length, native beta-sarcoglycan protein, the lack of which is the sole cause of LGMD2E. In Cohort 1 of the SRP-9003 study, three participants ages 4-13 were treated with an infusion of SRP-9003 at a dose of 5x1013vg/kg. Improvements in functional outcomes were observed at day 270 for all three participants."We have now observed consistent functional improvements, in addition to high levels of expression of the missing protein of interest and strong results in related biomarkers, in both of our first cohorts for Duchenne muscular dystrophy and LGMD2E. We intend to test one higher dose of SRP-9003 in LGMD2E participants, select our clinical dose and then advance our SRP-9003 program, along with our other five LGMD programs, as rapidly as possible," said Doug Ingram, Sarepta's president and chief executive officer. "With the results of our first LGMD2E cohort, Sarepta continues to build its gene therapy engine, an enduring model created to design, develop and bring to the medical and patient community transformative therapies for those living with, and too often dying from, rare genetic disease."

08:33 EDT Pottle's Transportation selects Orbcomm for trailer monitoring solution - Orbcomm announced that it has been selected by Pottle's Transportation to provide its latest trailer monitoring solution for their dry van fleet. "Orbcomm 's end-to-end telematics solution provides wireless connectivity through its industry-leading hardware and integrated Cloud-based analytics platform for efficient fleet management," said the company.

08:19 EDT Exela, General Dynamics selected for $2B U.S Veterans Affairs program - Exela Technologies (XELA) announced that, together with General Dynamics Information Technologies ("GD), it has been selected by the U.S. Department of Veterans Affairs to provide services under the VA's new $2B Veterans Intake, Conversion, and Communication Services program. Exela and GDIT teamed to bid for the VICCS project and have been selected as one of six recipients of an award from the VA. The contracts with Exela and GDIT will have a maximum potential value of $900 million over a 5-year term and represents the largest potential contract in Exela's history. "Exela is honored to serve our Nation's Veterans," said Suresh Yannamani, President, Exela Technologies. "Our ongoing work with the VA is an important part of their digital journey to address the benefit needs of Veterans and we look forward to our continued partnership."

08:11 EDT Equinix to acquire three Axtel data centers in Mexico for $175M in cash - Equinix announced it has entered into an agreement with Axtel to acquire three data centers that serve the Mexico City and Monterrey metro areas of Mexico for $175M in an all-cash transaction. The three facilities generated approximately $21M of revenues in the 12 months ending December 31, 2018, with an EBITDA margin profile accretive to the Equinix business. The acquisition is expected to close in Q1 2020, subject to customary closing conditions including regulatory approval. The addition of these three facilities in two strategic technology metros in Mexico is part of Equinix's strategy of extending its global leadership into attractive large-growth markets. This acquisition, when combined with the previous acquisitions of key traffic hubs in Dallas and Miami, will further strengthen Equinix's global platform by increasing interconnection between North, Central and South America. The three data centers will add approximately 115,000 square feet of colocation space to the Equinix IBX data center portfolio. Including current expansion projects, Equinix has invested more than $500M in its Latin American operations including Brazil, Colombia and now Mexico.

08:05 EDT PTC Therapeutics STRIDE data shows Translarna slows disease progression - PTC Therapeutics announced that data from STRIDE, the first international registry for patients with Duchenne muscular dystrophy due to a nonsense mutation receiving Translarna, demonstrate that Translarna preserves lung function in children and adolescents compared with a matched cohort in a long-term natural history study. The real world analysis was presented at the World Muscle Society. After loss of ambulation and loss of the use of the arms, the respiratory muscles of people with Duchenne start to progressively deteriorate, leading to the risk of life-threatening respiratory complications and the need for ventilation support. Patients with a predicted FVC of less than 50% are considered to be in the late non-ambulatory stage of Duchenne. To conduct the analysis, patients from the STRIDE Registry were matched against a comparable cohort of patients from the Cooperative International Neuromuscular Research Group Natural History Study, based on their propensity for disease progression. These latest data build on the STRIDE registry time-to-event analysis, which demonstrated that the median age at which patients on Translarna lost the ability to stand up from lying in under five seconds is 12 years , three years later than seen with natural disease progression in untreated children.

07:42 EDT Constellation Brands names Mallika Monteiro to Chief Growth & Strategy Officer - Constellation Brands announced that Mallika Monteiro has been promoted to Executive Vice President and Chief Growth & Strategy Officer. As part of her expanded responsibilities, Monteiro will be responsible for consumer and category insights, innovation and new product development across beer, wine and spirits, as well as the company's strategy development and business transformation functions. Monteiro will also serve as a member of Constellation's Executive Management Committee. "To ensure we continue to stay out in front of consumer trends and fulfill our mission of building brands people love, we must create a culture where the consumer is at the forefront of every decision we make," said Bill Newlands, President and Chief Executive Officer. "Mallika has been a driving force behind our efforts to capture and translate consumer insights into innovation that helps accelerate growth and share gains across the beverage alcohol category. This facet of our business will become increasingly more important as innovation continues to play a larger role in our overall growth strategy."

07:33 EDT Emcor to acquire Batchelor & Kimball in an all-cash deal - Emcor announced that it has entered into a definitive agreement to acquire Batchelor & Kimball, or BKI, a provider of mechanical construction and maintenance services, in an all-cash transaction. The transaction is expected to close by the end of 2019, subject to customary closing conditions and regulatory approvals. For 2020, BKI is expected to contribute revenues of approximately $400M with nominal diluted EPS accretion. The earnings contribution from such increased revenues will be partially offset by amortization expense associated with acquired intangible assets. Non-GAAP EBITDA margins for BKI are expected to be at the higher end of subsidiaries that are included in the Emcor's U.S. Mechanical Construction and Facilities Services segment.

07:17 EDT Hess Corp. to receive $275M in cash, about 115 newly issued units in HESM - Hess (HES) will receive approximately $275M in cash and approximately 115 million newly issued units in Hess Midstream Partners (HESM) as part of a proposed transaction announced today by HESM. Under the terms of the proposed transaction, HESM will acquire Hess Infrastructure Partners LP, or HIP, a 50/50 joint venture between Hess Corporation and Global Infrastructure Partners, including HIP's 80% interest in HESM's oil and gas midstream assets, HIP's water services business and the outstanding economic general partner interest and incentive distribution rights in HESM. In addition, HESM's organizational structure will convert from a master limited partnership, or MLP, into an "Up-C" structure in which HESM's public unitholders will receive newly issued securities in a new public entity to be named "Hess Midstream LP." Upon completion of the transaction, Hess Corporation will own approximately 134 million HESM units, or 47 percent of Hess Midstream on a consolidated basis, valued at approximately $2.6B based on the closing price per HESM common unit on Oct. 2. Hess Corporation CEO John Hess said: "This transaction is compelling for all parties involved and was unanimously approved by each company's board of directors. It simplifies the ownership structure of Hess Midstream, provides transparency on the value of Hess' midstream interests, and positions Hess Midstream for sustainable growth and value creation as a large-scale, publicly traded midstream company accessible to a broad range of investors."

07:14 EDT Hess Midstream Partners targeting 15% annual DPU growth through at least 2021 - Hess Midstream is targeting 15% annual DPU growth through at least 2021, with a targeted distribution coverage ratio of 1.2x. Hess Midstream anticipates 2020 net income of between $440 million and $480 million and Adjusted EBITDA of between $710 million and $750 million. Full year 2020 volumes are anticipated to grow significantly compared to 2019, driven by expected Bakken production growth from Hess Corporation and a full year of operations at the Little Missouri 4, or LM4, gas processing plant. Guidance incorporates a planned 45-day turnaround at the Tioga Gas Plant, or TGP, associated with the previously announced 150 MMscf/d expansion of TGP, which is expected to be in service in mid-2021. In 2020, gas gathering volumes are anticipated to average 300 to 310 MMscf/d and gas processing volumes are expected to average 285 to 295 MMscf/d, each reflecting an approximate 30 MMscf/d reduction due to the planned TGP turnaround. Crude oil gathering volumes are anticipated to average 125 to 135 Mbo/d in 2020, and crude oil terminaling volumes are expected to average 150 to 160 Mbo/d. Water gathering volumes are anticipated to average 55 to 65 Mbl/d in 2020. Hess Midstream's 2020 capital expenditures are expected to be approximately $350 million, primarily focused on continued expansion of gas compression capacity, gas processing expansion and additional oil, gas and water pipelines for Hess and third-party customers. HESM has updated 2019 expansion capital guidance to incorporate increased costs to complete the LM4 gas processing plant and the acceleration of certain compression expansion activities.

07:12 EDT Hess Midstream Partners sees Hess Infrastructure Partners deal closing in Q4 - The proposed transaction has been unanimously approved by the HESM board and by a conflicts committee of the HESM board comprising independent directors. The proposed transaction is expected to close in Q4, subject to customary closing conditions and receipt of regulatory approvals.

07:11 EDT Hess Midstream Partners acquires Hess Infrastructure Partners in $6.2B deal - Hess Midstream Partners announced execution of a definitive agreement to acquire Hess Infrastructure Partners LP, or HIP, including HIP's outstanding economic general partner interest and incentive distribution rights, or IDRs, in HESM. In addition, HESM's organizational structure will be converted into an "Up-C" structure in which IDR payments to sponsors are eliminated. "This accretive transaction provides a more attractive long term growth platform for our portfolio," Jonathan Stein, CFO of HESM said, "We can continue to generate strong free cash flow growth and fund our capital program and consistent 15% distribution per unit growth at an increased coverage level with conservative leverage and no need for equity funding to meet our targeted growth." Total consideration for the contribution of Hess and GIP's ownership interests in HIP and its assets and businesses to HESM is valued at approximately $6.2 billion, based on the closing price of HESM common units on October 2, 2019. HESM will assume approximately $1.15 billion of existing HIP debt and will issue approximately 230 million HESM units and pay a cash consideration of approximately $550 million to Hess and GIP collectively. The proposed transaction is expected to be immediately accretive to HESM's existing public unitholders, with an estimated 6% accretion in DCFPU in 2020 based upon the midpoint of Adjusted EBITDA guidance, and accretive over the long-term, including greater than 15% accretion in 2021 and 2022. In conjunction with the proposed transaction, approximately $350 million in existing borrowings under HIP credit facilities will be retired and HESM will assume approximately $800 million of outstanding HIP notes in a par-for-par exchange. In addition, HESM will incur additional borrowings of approximately $960 million, resulting in expected total debt of $1.76 billion at the close of the transaction. Hess Midstream is expected to have consolidated leverage of approximately 3.0x total debt to expected 2019 Adjusted EBITDA at closing. In connection with the proposed transaction, HESM will own 100% of the underlying assets and be consolidated under Hess Midstream. HESM's existing public unitholders will receive one Class A Share representing a limited partner interest in Hess Midstream for each HESM common unit they own. Following the closing, the Class A Shares will trade on the New York Stock Exchange under the "HESM" ticker symbol. Hess and GIP's ownership will be primarily through Class B Units of HESM that are exchangeable into Class A Shares of Hess Midstream on a one-for-one basis. Following the transaction, public shareholders will own 6% of the consolidated entity and Hess and GIP will each own 47% of the consolidated entity on an as-exchanged basis. As part of the transaction, HESM will acquire the economic general partner interest and IDRs previously held by HIP. Therefore, upon consummation of the transaction, all IDR cash flows that were previously distributable to HIP will be retained by HESM and will be available for general corporate purposes. In connection with the proposed transaction, the board of directors of the general partner of HESM's general partner has unanimously determined that Hess Midstream should make an election to be taxed as a corporation for U.S. federal income tax purposes. The transaction is expected to be non-taxable to current public unitholders. In addition, Hess Midstream does not expect to make material U.S. federal income tax payments for the next several years. If, as expected, the transaction closes in the fourth quarter of 2019, existing HESM public unitholders will receive a final Schedule K-1 with respect to their ownership of HESM common units for the period from January 1, 2019 through the day prior to the closing date of the proposed transaction. Thereafter, each Hess Midstream shareholder will receive a Form 1099-DIV with respect to their ownership of Class A Shares.

07:06 EDT C&J Energy Services announces $1.00 per share special cash dividend - C&J Energy Services announced that the board of the company declared, contingent on further action by the board to establish a payment date and to determine surplus under Delaware law, a cash dividend of $1.00 per share on all of the company's outstanding common stock to holders of record at the close of business on October 18.

06:34 EDT Kinder Morgan announces commercial in service of first unit at Elba Island - The Elba Liquefaction Company, a joint venture between Kinder Morgan and EIG Global Energy Partners, announced the commercial in service of the first of ten liquefaction units of the approximately $2B Elba Liquefaction project. Previously only a liquefied natural gas, or LNG, import terminal, the Elba Island Liquefaction facility is now also able to produce LNG for export purposes. With the first unit in service, the company is now earning approximately 70% of the expected total daily revenue of the liquefaction units.

06:07 EDT Patterson-UTI reports average of 135 drilling rigs operating in September - Patterson-UTI reported that for the month of September 2019, the Company had an average of 135 drilling rigs operating. For the three months ended September 30, 2019, the Company had an average of 142 drilling rigs operating.

05:58 EDT BP says Bernard Looney to succeed Bob Dudley as CEO - The Board of BP announced that, after a 40-year career with BP and over nine years as group CEO, Bob Dudley has decided to step down as group chief executive and from the BP Board following delivery of the company's 2019 full year results on February 4, 2020 and will retire on March 31, 2020. The Board is also pleased to announce that Bernard Looney, currently CEO, Upstream, will succeed Dudley as group CEO and join the BP Board on February 5, 2020. Looney will continue in his current role until this date. Commenting on the announcement, BP Chairman Helge Lund said: "Bob has dedicated his whole career to the service of this industry. He was appointed chief executive at probably the most challenging time in BP's history... As the company charts its course through the energy transition this is a logical time for a change. Bernard has all the right qualities to lead us through this transformational era." Reference Link

05:40 EDT Chi-Med initiates Phase I/Ib trial of HMPL-523 - Hutchison China MediTech, or Chi-Med, has initiated an international Phase I/Ib study of HMPL-523, its novel spleen tyrosine kinase, or Syk, inhibitor, in patients with relapsed or refractory lymphoma. The first patient was dosed on September 26, 2019 in the U.S. The international clinical study, with sites in the U.S. and Europe, is a multi-center, open-label, two-stage study, including dose escalation and expansion, investigating the effects of HMPL-523 administered orally to patients with relapsed or refractory lymphoma. This study complements the ongoing Phase Ib dose expansion program of HMPL-523 in Australia and China addressing a broad range of hematological cancers. Preliminary results of the dose escalation stage in a Phase I study in China of HMPL-523 in patients with relapsed or refractory B-cell lymphomas were presented in 20181. Outside of oncology, HMPL-523 is in Phase I study in patients with Immune Thrombocytopenia in China.

05:35 EDT Bloom Energy, EnergyPower to supply clean power to local Indian businesses - Bloom Energy and EnergyPower, today announced a joint effort to deploy an integrated solution for supplying clean, reliable power to local Indian businesses. Once complete, this project will be Bloom's first commercial scale on-site biogas to electricity project in India. EnergyPower will be deploying a new agricultural and municipal waste digester combined with Bloom Energy's solid oxide fuel cell technology to deliver reliable, renewable power to customers in the Shirala district, Maharashtra. Anaerobic digesters will be used to breakdown and clean biowaste to produce biomethane, which will fuel Bloom Energy Servers. The project will have a tremendous environmental impact, as methane is 25 times more potent in the atmosphere than CO2 emissions.

05:16 EDT RingCentral pays $375M to become Avaya'a exclusive provider of UCaaS - RingCentral (RNG) announced last night that it will enter into a commercial agreement with Avaya Holdings (AVYA), making it the exclusive provider of unified communications as a service solutions to Avaya. RingCentral and Avaya will introduce a new solution, "Avaya Cloud Office by RingCentral". RingCentral and Avaya will jointly develop programs "to leverage Avaya's global sales and partner network, as well as build automated technologies for seamless customer transition to RingCentral's leading global UCaaS solution." Under the commercial agreement, both companies will contribute resources towards development and sales and marketing of Avaya Cloud Office. RingCentral will pay Avaya an advance of $375M, predominantly for future commissions, as well as certain licensing rights. The consideration advance will be paid primarily in stock. RingCentral will also purchase $125M aggregate principal amount of 3% convertible and redeemable preferred stock, obtaining approximately a 6% position in Avaya on an as-converted basis. This will be funded with existing cash on balance sheet. This minority investment will require neither partial or full financial statement consolidation nor equity method accounting. The agreement does not require shareholder vote of either company and is expected to close in Q4.